While such a big sale by a company still struggling to break even could raise eyebrows — particularly when a major shareholder is joining the selling — these are good times for consumer-facing internet companies. Facebook and LinkedIn are on the up, the Twitter IPO is eagerly awaited, and that’s not mentioning Pandora itself, whose stock has more than doubled in price this year.

What will Pandora do with the cash it raises? The standard “general corporate purposes” line was rolled out in the sale announcement, although the company also said it “may use a portion of the net proceeds for potential acquisitions of businesses, products or technologies.”

Rich Tullo, Director of Research at Albert Fried, has some ideas about how Pandora could spend some cash via acquisitions. From a recent note:

As Pandora has no earnings and flattish Ebitda we think the hurdle for acquisitions is low. However, we also think Pandora could acquire horizontally too and we are less confident in Horizontal IP Radio Acquisitions. Targets in our opinion are Songza and Raditaz which offer unique platforms that bring synergies to Pandora.

Some context here: Songza is a streaming music service like Pandora, but delivers playlists based on certain “moods” — music for the evening, or the gym, or a laid-back party. Raditaz is also a streaming service, and is best known for having a very deep catalog of music ready to serve up. It has also made moves to serve up advertising based on the location of its listeners.

More from Mr Tullo’s note:

We are more likely to support vertical bolt on acquisitions that build out Pandora’s nascent media buying aggregation platform, Sling Shot. We also think Pandora could offer Horizontal synergies in the Movies streaming and or books business as we think Pandora is a better manager of big data than Netflix. In our view, Pandora’s Music Genome is really a very advanced search engine with analytics which can be applied to other media such as words in a book or dialogue in a movie.

Pandora with movies? Or books? With Apple rolling out a Pandora-like music service of its own, baked into all its iPhones, the internet’s biggest streaming music company needs to watch the throne, as the WSJ’s Miriam Gottfried wrote back in August. But if the best defense if offense, perhaps it is also time for Pandora to start looking at other thrones to chase after.